Abacha loot we awaiting $400m from US – ICPC

The Federal government has said that it is expecting about $400 million hidden in the United States by former Head of State, the late General Sani Abacha,

This was made known by Prof Bolaji Owasanoye, the Chairman of Independent Corrupt Practices and Other Related Commission (ICPC)  on Wednesday.

Prof Owasanoye who was the keynote speaker at the 42nd Annual Conference of the Nigerian Society of International Law (NSIL) in Lagos said: “Nigeria is presently awaiting the return of about $400 million from in the US, which is part of Abacha loot.

“We have $322million returned from Switzerland two years ago as part of the Abacha loot, which is been used for the conditional cash transfer.

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“We also recovered $73million from the UK, which was abandoned in England as part of proceeds from Malabu oil transaction.”

On the Malabu case, Owasanoye said: “Nigeria is an interested party in that case and is asking for compensation for the corruption that was inflicted on the country by the illegal award of that licence.”